Is Upside Rally Over As Bears In Control?

Ripple’s (XRP) price fell below the critical 50-day EMA (Exponential Moving Average) at $0.36. This makes bears cheerful. Last time, the crossover happened in April, which resulted in a depreciation of 60% in the asset. Again, the current price action suggests that bears are fighting back.

• XRP price extended the losses for the third straight day.
• The price slips below the 50-day EMA indicate renewed bearish bias.
• A triple-top barricade near $0.38 acts as a hurdle for the bulls.

XRP price slides lower

On the daily chart, the XRP price traded in a long-term downward trend. XRP renewed yearly lows in June. However, since the beginning of July, the price scaled higher to test the highs of $0.38. This happens to be the crucial ‘Tripple Top’ formation. This is a bearish pattern.

In addition to that, the price slipped below the 50-day moving average, giving another argument in favor of the bearish trend.

As per the technical analysis theory, history repeats itself. On the same point, we expect XRP to retest the lows of $0.30. As it did on June 25th, when the price touched the $0.38 mark and fell toward the $0.30 level on June 30th.

On the hourly chart, the token price has been trading in an ascending channel. However, XRP broke the channel’s lower trend line, indicating a trend reversal. 

Immediate support is placed at around $0.352. A break below this level would attract more sellers to liquidate their positions.

In addition to that, a bearish crossover of the 20-day and 50-day EMA also favored bearish sentiment.

On the flip side, sustained buying pressure could bring bulls back into the picture. In that case, the first upside target would be $0.38 followed by the highs of June 1 at $0.42.

Conclusion: – 

By doing multiple time frame analyses, XRP is expected to trade with a negative bias. A break below the session’s low would intensify the selling pressure.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.